TCI Express’ (TCIE) Q1FY26 EBITDA was slightly below consensus estimates. Volume fell 0.9% YoY to 233kte(235kte in Q1FY25) on subdued demand. EBITDA margin improved QoQ to 9.8% (vs. 8.5% in Q4FY25 and 11.2% in Q1FY25), mainly on account of 75bps price hike and stable variable costs in Q1.